Lake Business Products landed a new home in Highland Heights after selling its current property in Eastlake last month to BevCorp LLC.
Through Lake Business Solutions LLC, the provider of commercial equipment and related services on Tuesday, Dec. 22, paid $ 2.6 million for an industrial building at 653 Miner Road, according to Cuyahoga County land records.
Terri Cain, president and CEO of Lake Business, said in a telephone interview on Wednesday, Dec. 23 that just-in-time delivery practices in the commercial supplies industry mean the business needs a lot less money. warehouse space than in the past. The new building consists of approximately 45,000 square feet, while the company’s Eastlake building had 106,000 square feet of office and warehouse space.
Cain said Lake is giving his new home, which dates from 1997, a facelift and converts parts of the structure into offices that the previous tenant used for manufacturing. This business is moving to a larger location.
“We’re moving in now and hope to be up and running by mid-January,” Cain said.
The Highland Heights structure will house approximately 100 Lake Business employees and dedicate roughly the same amount of office space as at its current location, she said. The new location is more central for the company, which serves the area north of Columbus, from Ashtabula to Toledo, and will reduce daily trips for some of its employees, Cain said.
Lake Business provides office technologies such as printers, copiers and computers rather than stationary products. Cain said that due to declining print volumes due to increased use of email and cloud services, his business has shifted over the past five years to IT services for users of the. mid-sized businesses, from information technology to cybersecurity.
Due to the pandemic and the growth of work-from-home practices, Cain said the company has created packages with computers and printers that customers can use to set up staff for home operations and a started to offer temperature test terminals.
The move to Highland Heights follows the November sale of its building at 37200 Research Center Drive to an investor who leased it to Bevcorp of Willoughby to expand it.
Patrick Dowd, vice-president of the brokerage Sequoia Realty Corp. to Mentor, represented Lake Business in the sale of its building and the purchase of its successor.
“It was tricky,” Dowd said, as the transaction required closing the sale of the existing building before closing the purchase of the next one in a month’s time. He said buildings in the order of 45,000 square feet were scarce, complicating the process.
Cain’s father, the late Jack Slattery, founded Lake Business in his garage in 1960. She has been running the business since 2008 after starting there as a teenager.
To celebrate the company’s 60th anniversary this year, Cain said the company has resurrected its famous Lake Business Products radio jingle, which can now be heard on its website.